Weiland Joint Venture, Ontario

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Location:

The Weiland diamond project is located in the Kyle Lake kimberlite cluster area of the James Bay Lowlands, approximately 120 kilometres west of De Beers' Victor kimberlite pipe, known for its high quality diamonds.

Size:

The land package comprises 8 claims covering 316 acres.

Ownership:

Diamondex 40%/DeBeers 60%

Diamondex is the Operator of the project.

Assets:

The original five Kyle Lake kimberlites were discovered by Spider Resources Inc. in the mid-1990s, with four of them subsequently found to be diamondiferous. The Kyle Lake kimberlites are widely spaced over a 3,600 square-kilometre area, suggesting excellent potential for the discovery of additional kimberlites. In 2005, the T1 kimberlite was discovered by Metalex Ventures Ltd. in the southern Kyle Lake area.

Overview:

In 2006 and the first quarter of 2007, a total of 56,500 line-kilometres of low-level, high resolution airborne magnetic surveying was collected over the project area. The data collected have led to the identification and staking of 100 kimberlite targets.

2008:

During the first week of March Diamondex mobilized two light-weight reverse circulation (RC) drills to the property to test up to 40 high priority magnetic targets. Prior to the arrival of the RC rigs, ground geophysical crews conducted detailed follow-up magnetic surveys over airborne anomalies to assist in the ranking of the drill targets. Some of these targets are contained within a recently-acquired 3,600 line-kilometre, high resolution, airborne magnetic data set. The drill program was completed in April.